Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Shenzhen New Industries Biomedical Engineering Co., Ltd. (300832.SZ)

Company Dividend Discount ModelIndustry: Medical - DevicesSector: Healthcare

Valuation Snapshot

Stable Growth$40.42 - $87.58$57.82
Multi-Stage$31.00 - $33.76$32.35
Blended Fair Value$45.09
Current Price$68.30
Upside-33.99%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%42.61%1.000.700.600.530.790.000.130.240.070.05
YoY Growth--43.37%16.20%14.12%-33.21%0.00%-100.00%-46.00%233.33%31.04%87.66%
Dividend Yield--1.72%1.03%0.98%1.55%1.25%0.00%0.54%0.99%0.30%0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,649.67
(-) Cash Dividends Paid (M)1,022.12
(=) Cash Retained (M)627.55
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)329.93206.21123.73
Cash Retained (M)627.55627.55627.55
(-) Cash Required (M)-329.93-206.21-123.73
(=) Excess Retained (M)297.62421.34503.83
(/) Shares Outstanding (M)785.72785.72785.72
(=) Excess Retained per Share0.380.540.64
LTM Dividend per Share1.301.301.30
(+) Excess Retained per Share0.380.540.64
(=) Adjusted Dividend1.681.841.94
WACC / Discount Rate9.88%9.88%9.88%
Growth Rate5.50%6.50%7.50%
Fair Value$40.42$57.82$87.58
Upside / Downside-40.82%-15.35%28.22%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,649.671,756.901,871.091,992.722,122.242,260.192,327.99
Payout Ratio61.96%67.57%73.18%78.78%84.39%90.00%92.50%
Projected Dividends (M)1,022.121,187.081,369.181,569.931,791.002,034.172,153.39

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.88%9.88%9.88%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,070.161,080.311,090.45
Year 2 PV (M)1,112.751,133.951,155.34
Year 3 PV (M)1,150.241,183.261,216.90
Year 4 PV (M)1,182.961,228.451,275.25
Year 5 PV (M)1,211.241,269.741,330.49
PV of Terminal Value (M)18,626.4919,526.1620,460.26
Equity Value (M)24,353.8525,421.8726,528.69
Shares Outstanding (M)785.72785.72785.72
Fair Value$31.00$32.35$33.76
Upside / Downside-54.62%-52.63%-50.57%

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